The benefits of consistency and accuracy from one end of the business to the other will speak for themselves. With that in mind, here are some basic things to do when you begin to define your internal controls:
- Clearly define employees roles with separation of duties to avoid redundancies and miscommunication
- Create and maintain a library of written policies and procedures for critical tasks and processes
- Define a policy for internal communications and reporting
- Maintain consistent monitoring and management of processes and procedures
The bullet points above apply to all business processes and tasks, but accounting departments are often among the most detailed and vulnerable to error in a business. Payables automation solutions can help ensure your accounting team is able to easily comply with internal controls around AP.
Benefits of AP Automation Software
- Workflows that log approvals with the user’s information and a timestamp
- Easily defined user roles with controls around who can import or create invoices into your accounting system
- Workflow Management controls allow you to easily define certain authorized users with the authority to modify approval processes
- Payment tools that include:
- Signature management to automatically match signature with the digital approver. The signature printed on the check is the signature of the approver of that payment.
- A “virtual check signing” process for ACH. All payments have to be authorized by an authorized check signer.
- Audit trail of payment process
If you haven’t implemented an accounts payable automation solution yet, maintaining internal controls is just one of the benefits. Find out more of the benefits that will make you say “Why Didn’t I Automate Payments Sooner!”
Through deep integration with Microsoft Dynamics GP, Fidesic is a unique and natural extension of Dynamics GP Accounts Receivable and Accounts Payable processes. Learn more »